Category: North Texas Deals & Announcements

DFW power retail center switches hands to Dunhill Partners

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Rockwall Market Center, a 211,971-square-foot retail center located in the DFW suburb of Rockwall, Texas.

JLL marketed the property and assisted in the sale to Dunhill Partners, led by its CEO Bill Hutchinson.

Built in 1999, Rockwall Market Center is 100% leased to a robust, high-performing, national tenant roster, which includes Ross, Burkes Outlet, Michaels, Old Navy and Petco. The property features an average tenant tenure of 18.2 years, and 82% of the property’s income stream is generated from its national tenancy. The property draws over 1.5 million annual visitors.

Located at 2663-2885 Market Center Drive within a dominant retail corridor, the property sits directly off of Interstate 30, offering visibility to over 103,000 vehicles per day. Rockwall Market Center benefits from proximity to both Lake Ray Hubbard and Highland Meadows neighborhood and is less than a 20-minute drive to Downtown Dallas. Additionally, within a 10-mile radius is a daytime population of 317,271 and $17 billion in consumer spending power.

The JLL Retail Capital Markets team was led by Senior Managing Directors Adam Howells and Ryan Shore and Analyst Megan Babovec.

GREA Dallas closes Casa San Luis, a multifamily property in Dallas

Posted on by Mia Goulart

GREA, specializing in serving private to institutional multifamily real estate investors, announced the sale of Casa San Luis Apartments, a 63-unit apartment community located at 3155 Park Lane, Dallas, Texas, 75220.

Allen represented the seller, Gomel Capital and procured the buyer, a local investment company.

Despite the slowdown in multifamily sales activity in 2023, the GREA Dallas team has successfully brokered over 19 apartment communities in the North Texas area with another 19 under contract set to close in the next 60 days.

Recapitalization secured for dual grocery-anchored retail center within DFW metroplex

Posted on by Mia Goulart

JLL Capital Markets has arranged the recapitalization of MacArthur Park, a 425,612-square-foot, top-performing retail center located within the DFW metroplex in Irving, Texas. The center is a hybrid, dual grocery-anchored power center with Kroger, Target (Shadow) and other large format retailers, such as Ross, HomeGoods/TJ Maxx and Michaels.

JLL worked on behalf of the ownership which consisted of funds managed by Goldman Sachs Asset Management, and EDENS, to recapitalize the project. CBRE Investment Management stepped up as a new investor in the venture.

In addition to Kroger and Target (shadow), the 98% leased MacArthur Park is also anchored by HomeGoods/TJ Maxx, Ross, Michaels and Office Depot. Other notable tenants include Bath and Body Works, Victoria’s Secret, T-Mobile, Amy’s Hallmark, James Avery, Mattress Firm, Half Price Books, Ulta Beauty, Jason’s Deli and Sephora. Over 88% of MacArthur Park’s income stream is generated from national and institutional-grade credit tenancy, with local businesses comprising of the remaining 12% of overall revenue. The center boasts an average tenant tenure of 6.2 years, a WALT of 3.3 years and over 5.8 million visits annually, ranking it amongst the top 3% of centers in the U.S.

The center is located 7505 N. MacArthur Blvd. and is strategically set within Irving’s high-growth, master-planned urban center, Las Colinas. It is positioned at the intersection of Interstate 635 and President George Bush Turnpike, offering visibility to over 260,000 vehicles per day and over $5.8 billion in consumer spending power within a 10-minute drive. Within a five-mile radius is a daytime population of 348,062 and an average household income of $106,828. MacArthur Park is easily accessible by President George Bush Turnpike, Interstate 635 and Texas State Highway 114, and it is just a 17-minute drive to Downtown Dallas.

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Director Barry Brown and Chris Gerard, Director Erin Lazarus and Analysts Megan Babovec and Cole Sutter.

Sale of super regional retail center in DFW area closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Eastchase Market, a 261,730-square-foot retail center located in Fort Worth, Texas.

JLL represented the seller in this transaction.

Built in 1995, Eastchase Market is 91.9% occupied and features a WALT of 5.3 years. Anchor tenants include AMC Theatres, Ross Dress for Less, Spec’s, Big Lots, Harbor Freight Tools and Marshalls. Additionally, the center benefits from its shadow anchors, Target and Aldi. The property has received approximately three million visitors over past 12 months.

Situated at 1600 Eastchase Parkway, the property is strategically positioned along Interstate 30, one of the largest east-west thoroughfares in DFW, providing excellent visibility to nearly 150,00 VPD and unmatched access to the entire DFW Metroplex. Together, with Dallas and Arlington, Fort Worth contributes to the fourth largest MSA, totaling 7.6 million consumers. In addition, within a five-mile radius of the center is a population of 252,400, 8.5 million square feet of office inventory, 41,600 multi-housing units, 99,000 households and $5.7 billion in spending power.

The JLL Retail Capital Markets team was led by Senior Managing Director Adam Howells, Senior Managing Director Barry Brown and Analyst Cole Sutter.

Investor sells Dallas area medical office building

Posted on by Mia Goulart

Privately-owned real estate investment, development and finance company Bolour Associates, Inc. (BOLOUR) has sold a Class A medical office building in Dallas, Texas, after a 16-month hold period. It was the company’s first medical office acquisition in the DFW market.

The asset totals 7,190 square feet at 12222 Coit Road in the North Dallas submarket. It sits immediately off of U.S. Route 75, just south of I-635 and approximately one mile northeast of Medical City Dallas Hospital, an acute care hospital with more than 1,500 providers.

BOLOUR purchased the Coit Road asset in early 2022. David Zoller and Corbin Tanenbaum of Weitzman Retail Brokers represented BOLOUR in the 2022 acquisition and in the recent property disposition. The property buyer was represented by Justin Utay of NAI Robert Lynn.

HF Sinclair Corporation signs 90,609-square-foot lease for new headquarters at One Victory Park in Dallas

Posted on by Mia Goulart

Cushman & Wakefield, the commercial real estate services firm, announced that HF Sinclair Corporation (HF Sinclair), a Fortune 200 energy company based in Dallas, has signed a new 90,609-square-foot headquarters office lease at One Victory Park.

Owned by Clarion Partners, the Class A office building is located at 2323 Victory Avenue in Dallas. HF Sinclair will occupy three floors in the 20-story building.

Matt Schendle, Cynthia Cowen and Carrie Halbrooks of Cushman & Wakefield represented the landlord in the lease negotiations. Phil Puckett and Harlan Davis of CBRE represented HF Sinclair.

Clarion Partners has made significant upgrades to the Class A office tower over the past few years. A 10,000-square-foot food hall on the first floor named Victory Social is underway at the property and set to deliver in Q1 2024. Operated by Hospitality Alliance, the food hall will include five stations, two bars, two patios, a private dining area and a grab-and-go/order ahead area.

Additional amenities include a newly renovated fitness center; a newly renovated 6,200-square-foot conference center including an executive board room and a commercial catering kitchen; full-service bank; 24-hour security; on-site concierge; and Fiction Coffee.

Centrally located between the Design District, Arts District, Uptown, West End and American Airlines Center, One Victory Park includes a six-story parking deck and convenient highway/tollway access, as well as an abundance of green space surrounding the property. Victory Park is also home to a W Hotel and more than 5,600 residential and condominium units.